Zara owner Inditex posts higher profits / Photo: Martin LELIEVRE - AFP
-
France's Macron, Canada's Carney announce closer ties
-
Multi-Asset Trading Venue Monochrome Exchange Announces IEO of Its Native Token, $MCR
-
AI 'warning shots' focus Beijing on national security risks
-
Data centre command hub keeps AI up and running
-
Philippine tribe in limbo over US-led tech hub
-
Leo XIV, first US pope transcends his restrained style
-
Saudi-led coalition says Houthis fired ballistic missile at Riyadh
-
France's debt climbs to highest since 1978: ministry
-
Cuba works to restore power after another blackout
-
Thousands protest inaction over climate crisis in Switzerland
-
Brigitte Bardot widower slams sale of star's belongings
-
UK actor Naomi Watts honoured at Spain film festival
-
Indonesia accepts Malaysia's help to tackle wildfires
-
Trump signs bill authorizing sweeping Russia sanctions
-
Nvidia, OpenAI CEOs to attend Xi dinner at White House
-
Anthropic picks Accenture for in-house AI safety evaluation
-
Cuba hit with seventh major blackout of the year
-
Hushing and hedging: US companies retreat on climate
-
Nigeria miners struggled to breathe in cell before 37 died: survivors
-
Crisis-wracked Volkswagen warns of 10-bn-euro hit to profits
-
Warren Buffett steps down as Berkshire Hathaway chairman
-
Shakira to cap off world tour with Madrid 12-gig run
-
Isolated Syrian-Druze city blames Damascus for shortages
-
Isolated Syrian-Druze city shortages
-
Kerry James Marshall: American 'blackness' painter celebrated in Europe
-
UNESCO can be 'moderator' in AI debate: chief to AFP
-
Infantino 'must go', says German FA vice-president
-
Russia seizes assets of Nestle, French firms
-
Japan's busiest rail station tests robot bins
-
Anthropic says AI systems moving towards building themselves
-
Backpackers fret over Australian visa crackdown
-
Asian stocks boosted by falling oil, yen weakens after BoJ rate hike
-
Bank of Japan hikes rates to 31-year high to battle inflation
-
Afghan medical students in Pakistan hope court stops college expulsions
-
AI doomsday warnings unlikely to slow IPOs but questions linger
-
Australia to detain tourists who overstay visa, minister says
-
In Brazil's Amazon, the hunt for oil fuels hopes and fears
-
Asian stocks track Wall St rally as oil prices drop
-
Baby orangutans in India expose 'frightening' scale of trafficking
-
Prized Mexican relic returns on loan, two centuries on
-
Oversight Board blasts 'inadequate' Meta safeguards for AI deepfakes
-
'In our lane': Fed's Warsh defies Trump but still fighting for credibility
-
Harry makes first public appearance since return to UK
-
Trump admin makes major cut to endangered species protections
-
Princess Diana's brother makes new explosive claims against Charles
-
GM delivers first components for US interceptor missiles
-
Trump admin overhauls key protection for endangered species
-
Travis Scott and Keith Richards feature on GTA VI soundtrack
-
Mbappe draws political fire over Ceuta t-shirt controversy
-
King Charles warns tech bosses of 'existential dangers' of AI
Zara owner Inditex posts higher profits
Zara owner Inditex, the world's largest fashion retailer, posted Wednesday higher profits for the first nine months of its fiscal year despite stiffer competition from low-cost clothing outlets like Shein and Primark.
The Spanish group, which owns other top brands including Massimo Dutti, Pull & Bear and Bershka, posted a net profit of 4.6 billion euros ($5.3 billion) between February 1 and October 31.
Inditex pointed to "satisfactory" sales in stores and online, which rose 2.7 percent to reach 28.2 billion euros for the profit rise.
Inditex CEO Oscar Garcia Maceiras told a news conference sales had a "solid start" to the fourth quarter, rising 10.6 percent in November over the same time last year.
With fast-growing budget fashion retailer Shein taking share at the cheaper end of the market, Inditex's main brand Zara has moved to attract more discerning shoppers and offered more expensive clothing.
Inditex is also improving its logistics to deliver online orders faster than rivals and investing in larger, more modern stores while it shuts smaller shops.
Inditex said it had made "important relocations and refurbishments" at its locations in Osaka, Maastricht and Barcelona.
The company said a major new distribution hub in Zaragoza in northeastern Spain was now operational.
A.Samuel--CPN